Curious about the foundation status that Stellite recently acquired? You can hear from Erwin Beij (Stellite_Question), Managing Director of the Stellite Blockchain Technologies Foundation, about the process of getting legal status, the difficulties involved and what benefits the new foundation will bring to the table.
Can you give us a small introduction about yourself?
Sure, I am Erwin Beij but most would know me as stellite_question, living in the Netherlands and working as a storage architect / lead system engineer.
In the Stellite team, I already had a few different functions. I started as a moderator, then created the wiki, and after that I joined the team as a community manager, which changed to a developer role as I started to compile the wallets and miners, and doing quite a lot of testing for the V3/V4/V5 network. However, as you might have noticed, I am now the Managing Director of the Stellite Blockchain Technologies Foundation.
On September 25, Stellite finally established the Blockchain Technologies Foundation, registered in The Hague, Netherlands. When did this journey begin and how long did the whole process take?
The journey began quite early, I think maybe even in March 2018.
We, the team, were brainstorming on how to move forward in a proper, more formal and legal way.
We knew we were not going to be a company. However, we are dedicated to keep this project open source and community based, hence the natural way would be the ‘Stellite Blockchain Technologies Foundation’. One of the Foundation’s goals is to make Stellite tokens a broadly adopted payment currency in today’s world of electronic payments. Moreover, when that is achieved, the focus will switch to managing and supporting the infrastructure to do so. This gives us a bit more flexibility on how to use the Foundation and how to make Stellite more widely known, inside and outside of the crypto-world.
The foundation will facilitate the decision making process for the Stellite team by a great deal since all core developers are part of the foundation’s advice board and have an equal vote.
Can you quickly describe the different steps and hurdles you had to take until the official approval?
Sure, it is very important that the statutes of the foundation are in order before you proceed because without proper statutes a foundation can’t function.
That process took us a few months just to be sure everything was written down to the last detail.
When we reached consensus on that, I was able to let our notary double-check if everything was in order.
After that, things went quite fast with getting our Chamber of Commerce approval and we even have an office location now.
Were there any difficulties while registering the foundation and getting Hayzam (as a foreigner) on the foundation’s board?
This is still an ongoing process with notaries in foreign countries giving their approval and seals.
However, our notary has a lot of experience in the matter so this will be sorted out this year.
In the meantime, I already arranged that Hayzam will always have a veto vote in the foundation to make sure that the right decisions are being made in case that is needed.
When Hayzam has joined as a board member, I will keep the Managing Director function as Hayzam prefers to be lead developer not Mr. signature / administration.
You mentioned the office space! What are the plans for the office at this point in time?
For now, it is mostly used as our official registration location which is privately funded as most of our expenses are.
We have a small office space but we are able to do presentations there and have appointments with other organizations if needed.
In the near future I will share some more pictures of our office, including some of our promotion material.
What do you think are the benefits of having a registered foundation for Stellite? What tangible consequences will we notice short-term and long-term?
Legal status would be number one on that list, with that we are able to sign proper NDA’s and to get listed on other cryptocurrency exchanges. In addition, partnerships with other foundations or companies are also high on the priorities list, for example companies who would like to use StellitePay in their shops or web shops. For next year, the plan is to extend the foundation, so we are able to accept tax-deductible donations. For now, we are sponsoring ourselves but we hope that we are able to sustain necessary financing through donations.
Is there anything more you would like to share with us?
Yes, I would like to ask the community to register and join up at https://community.stellite.cash/
From my point of view this should be the community hub for support and FAQ questions.
We do a lot of tech support in our discord channel but with the forum and articles on the community website, many support questions can already be answered. Checking the community website instead of asking for one on one support by a core-dev will give us more time to focus on our products and technologies.